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Increase in annual return fee for 2017
See the link below for the increase in annual return fee to £210 and other changes to prepare for in 2017
It's worth spending some time thinking about what and how you keep your records. Good record keeping can help you keep track of your business and fulfil legal requirements.
You must keep a record of the following;
- all sales/takings
- purchases and expenses
- money taken from the business for personal use
Some of the other items you might keep include;
- till rolls
- cash transactions
- sales/purchase ledger
- bank statements
- cheque stubs
- details of stock held
- timesheets/mileage record
You should also keep details of any "capital" items that you buy and sell as you may be able to claim capital allowances.
Any personal use of assets (eg telephone, car) should also be recorded.
You are required by law to keep records for 7 years in Jersey for tax purposes.
From 2015 the Tax Office will collect Long-Term Care (LTC) contributions on behalf of the Social Security Department. Combined LTC and income tax effective rate notices are now being sent out and should be handed to employers. The rate will be 0.5% of taxable income (ie after reliefs and allowances) for 2015, and 1% for 2016. The declared intention is that the 1% rate is to be held for three years. See here for more detailed information. www.gov.je/Benefits/LongTermCare/Pages/index.aspx
See draft proposals on changes to the Jersey property tax system on jersey.gov and have your say.
Comments to be e mailed to firstname.lastname@example.org or written submissions to
Tax Policy Unit
Cyril Le Marquand House
PO Box 353
Details of other ways to comment will be published later in the year.
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You can contact us on the following telephone number if you have any queries or wish to make an appointment:
Tel: +44 1534 744737
Alternatively, please use our contact form.